Any violations to human rights and/or the environment could potentially hold these companies liable for a fine of up to €800,000 or two percent of their annual global turnover.
Going even further, companies in violation could also be exempt from winning lucrative German business contracts for a three year term.
Preparation is Key
If your business operation is set to fall under this new law, there are a number of key steps you may wish to take. Particularly when laws like this are widely considered to be the start of more to come.
Legislation towards achieving responsible sourcing and sustainability will become an everyday fixture of doing business.